Did anyone else read the article in Sunday's News about Fifth Avenue in Park Slope and how it is coming of age? It was nice to read something that has become apparent to so many who live in the area. The article listed many of the businesses, bars and restaurants that have come to define this area of Park Slope.
One thing in the article that dropped my jaw was the statement about rents. The author said that storefronts on Fifth Avenue go for about $1,800 to $2,000 a month, while the equivalent storefronts on Seventh Avenue (1,000 to 1,200 square feet) go for $10,000 to $12,000 a month! If a 1,000 sq ft storefront costs 10,000 a month, that's 120,000 a year, or $120 a sq ft. Office space in the Financial District in lower Manhattan goes for between $30 and $40 a square foot (depending on the building). It's no wonder there is a huge turnover along Seventh Avenue. The wonder is that landlords can get rents like that for such spaces.
For the sake of the Slope, we better all hope the commercial rents along Fifth Avenue don't rise to equal those along Seventh Avenue.